Hi Aswini.
Even I am a recent follower of the Elliott wave principle.
Here are some counts I could come up with, they could be wrong, but that's what I could figure out.
Wave 1: April 03 - Jan 08
Wave 2: Jan 08 - Mar 09
Wave 3(extended): Mar 09 - Counting...

My wave count suggests that we have just completed in wave 4 / or are amidst wave 4.

Whichever way it is, I feel that the market is bullish.

Notice the break from the 1.5 year old channel. Also notice the 38% retracement that happened (Nifty falling from 5600 to 5200) which is classical wave 4.

Moreover notice the momentum on the rally from 4700 to 5600 - very high. again classical wave 3.
:
wave 5 is expected to surpass 5600 , but with relatively lower momentum thereby give rise to divergence.

since the wave 2 was a deep correction & 0.786 of wave 1, so wave 4 should be either a flat or a triangle. This is the rule of alternation.

If wave 2 was a zig zag then wave 4 should follow the rule of alternation & create another pattern than wave 2.

These are the common rules which every elliottician should follow.

The first thing anybody should do is learn all the rules & guidelines of elliott wave. That is the base. for example wave 3 can never be the shortest wave.
If it is not the shortest wave then there are ways of interpreting wave 3.

My wave count suggests that we have just completed in wave 4 / or are amidst wave 4.

Whichever way it is, I feel that the market is bullish.

Notice the break from the 1.5 year old channel. Also notice the 38% retracement that happened (Nifty falling from 5600 to 5200) which is classical wave 4.

Moreover notice the momentum on the rally from 4700 to 5600 - very high. again classical wave 3.
:
wave 5 is expected to surpass 5600 , but with relatively lower momentum thereby give rise to divergence.

I fully agree with you the count goes like this Corrective Wave IV fragmented in to ABC sub corrective Sequences .. and now i am looking at 5386 is fibo 61.8 retracement level and B peak 5499 to be taken out for 100% confirmation..i have taken up Positional Long with SL.5170

Last edited by manoharpillai; 31st March 2012 at 11:14 AM.

The Following 2 Users Say Thank You to manoharpillai For This Useful Post:

Advice but not the ELLIOTT WAVE Count!
I m not sure whether the correction (NIFTY) has finally ended and the NEW BULL run is in progress. But still, i m expecting nifty to reach @ 5900 levels... Correction in Combinations are the worst thing to predict so better stay alert!

If u are practicing elliott wave theory then try to count waves in depth and don't forget that same patterns will occur again & again with smaller changes. One thing more, if u put ur elliott wave view @ net then others will start pulling ur leg by saying this & that is wrong in ur view

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